Investment firm BlackRock’s proposed iShares Spot Bitcoin Exchange Traded Fund (ETF) has been listed on the Depository Trust & Clearing Corporation (DTCC), indicating possible approval from the US Securities and Exchange Commission.
In an X-Thread (formerly Twitter) from October 23rd, Bloomberg ETF analyst Eric Balchunas reports said The DTCC listing is “all part of the process” of bringing a crypto ETF to market. The iShares Spot Bitcoin (BTC) ETF has a ticker symbol of IBTC for possible listing on the Nasdaq exchange, which filed in June to list and trade shares of the investment vehicle.
“That is [the] “The first spot ETF is listed on DTCC, none of the others are there (yet),” Balchunas said. “It is definitely noteworthy that BlackRock takes responsibility for these logistics (seeding, ticker, Dtcc), which usually takes place shortly before the launch. It’s hard not to see this as a signal that approval is certain/imminent.”
The iShares Bitcoin Trust was listed on the DTCC (Depository Trust & Clearing Corporation, which clears NASDAQ business). And the ticker will be it $IBTC. Again, all part of the process of bringing ETFs to market. h/t @martypartymusic pic.twitter.com/8PQP3h2yW0
— Eric Balchunas (@EricBalchunas) October 23, 2023
Balchunas speculated that BlackRock may have already received the SEC’s green light to list the ETF or is “everything prepared assuming” that is the case. Based on the date of BlackRock’s application, the SEC has until January 10, 2024 to make a final decision on approving or disapproving the ETF.
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Should BlackRock’s application be approved, the floodgates could open for a number of spot crypto ETF applications currently under review by the SEC, including those from ARK Investment, Fidelity and Valkyrie. To date, the SEC has not approved any spot Bitcoin or Ether (ETH) application for listing on a US exchange, but began allowing investment vehicles tied to Bitcoin futures in October 2021.
The BTCC listing followed a US appeals court issuing a mandate to enforce an August 29 decision that would require the SEC to review a spot BTC ETF application from Grayscale Investments. Grayscale filed a registration statement with the SEC on October 19 to list shares of its Bitcoin Trust Arca on the New York Stock Exchange under the ticker symbol GBTC.
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